- Ripple’s partial victory against the SEC and its enlistment to ISDA spurs bullish sentiment among XRP enthusiasts.
- Prominent XRP analyst, Alex Cobb, applies Elliott Wave Theory forecasting a rally to the $10 mark for the cryptocurrency.
The Analyst’s Perspective: XRP’s Potential Surge to $10
The cryptoverse is buzzing with talks of XRP’s potential rise to $10. What’s causing this optimism? Well, the ongoing bullish sentiment stems from multiple catalysts: Ripple’s courtroom successes against the US Securities & Exchange Commission (SEC) and the payment giant’s inclusion in the International Swaps & Derivatives Association (ISDA). Furthermore, a clear understanding of XRP’s status – distinctively characterized as “not an investment contract” – has further galvanized the XRP community.
The SEC absolutely believes that XRP itself is a security. And Judge Torres clearly repudiated that belief in her ruling.
Here's the transcript from the 2021 hearing. The SEC lawyer argues that XRP remains a security, but that there's an exemption for individuals to sell. https://t.co/cd3KQz6dVn pic.twitter.com/gNR8vOw567
— Jeremy Hogan (@attorneyjeremy1) August 6, 2023
Alex Cobb, a revered crypto analyst and content creator, has extensively studied the cryptocurrency’s price patterns. By applying the Elliott Wave Theory – a method renowned for deciphering financial market cycles – Cobb anticipates a robust uptrend for XRP. His analysis, focusing on the XRP/USD monthly price chart, draws parallels between the coin’s breakout between 2014-2015 and the current market dynamics. According to Cobb’s calculations, the path seems clear for XRP to soar and potentially hit that $10 milestone.
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Such predictions don’t stand alone. They’re reinforced by other analysts, like JayDee and @MackAttackXRP. For instance, the latter highlighted a rare ‘Golden Cross’ pattern on XRP’s price chart – an indicator traditionally considered a bullish sign. Notably, similar patterns were observed just before two major XRP rallies in late 2017 and early 2021.
Market Catalysts Elevating XRP’s Stature
Beyond the charts and predictions, tangible market developments have propelled Ripple forward. Ripple’s win, even if only partial, against the SEC has significantly bolstered its stature in the crypto community. Such successes, complemented by Ripple’s entrance into the behemoth $1.2 quadrillion derivatives market via its ISDA membership, make a compelling case for the coin’s rising dominance. By aligning with industry heavyweights, including J.P. Morgan and the London Stock Exchange, Ripple’s potential has become even more evident.
Hugo Phillion of Flare Labs emphasizes the opportunity now available to Ripple post its legal entanglement with the SEC. He sees this as a fresh start for the payment giant, enabling a laser focus on project development tailored for mainstream financial entities.
However, the Ripple vs. SEC saga continues to unravel. John Deaton, a vocal XRP advocate and lawyer, remains confident about Ripple’s edge over the SEC’s looming appeal. Deaton’s assertions rest on Judge Analisa Torres’s logical and thorough analysis of the case, believing her ruling will hold its ground. Yet, the legal landscape remains dynamic, with other judgements and statements from SEC Chair Gary Gensler suggesting an intense, evolving battle ahead.
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